In a speech in California, President Biden warned that if Republicans win control of Congress in November’s midterm elections, prices and inflation will rise, Fox News informed.
Biden told Americans that if Republicans take control of Congress, inflation and costs in general would rise during a speech he gave on Friday in Irvine, California.
It’s that simple, according to Biden, if the Republicans win the presidency, prices will rise along with inflation.
His remarks came the day after the Labor Department issued revised consumer price index data showing that prices for basic commodities including groceries, rent, and gasoline climbed 0.4% in September compared to the prior month.
The outcome exceeded the experts at Refinitiv’s predicted 0.2% monthly gain.
The increase in core prices, which don’t include food and energy, was 0.6%.
In September, grocery prices rose 0.7%; during the previous 12 months, they rose 13%.
Following the disclosure of the inflation statistics, the White House issued a statement from Biden in which he claimed that “some progress” had been made.
Even while the government still has work to do, according to Biden, today’s data demonstrates some progress in the fight against price increases.
On an annualized basis, inflation over the past three months has averaged 2%.
Comparatively, in the previous quarter the number stood at 11%.
Prices are still too exorbitant despite this advancement, though.
Biden added that his first aim is to combat the worldwide inflation that is harming both working families at home and nations all around the world.
In the remark, Biden also reaffirmed claims that under Republican control of Congress, inflation will increase due to their desire to abolish the Inflation Reduction Act.
According to Biden, the Inflation Reduction Act’s repeal is the top goal for Republicans in Congress.
In this situation, doing such is completely inappropriate.
Daily expenses will increase rather than decrease if Republicans take control of Congress, he continued.
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